Crypto Price Today: Bitcoin, Ether, and Most Altcoins Experience Fluctuations
The cryptocurrency market is experiencing significant turbulence, driven by ongoing macroeconomic and geopolitical factors. On March 7, Bitcoin saw a sharp decline of over five percent on international exchanges, dropping to $87,726 (approximately Rs. 76.4 lakh), according to CoinMarketCap. This downward trend was mirrored on Indian exchanges, where Bitcoin traded around $90,575 (about Rs. 79 lakh), reflecting a similar five percent loss.
Market Reaction to Trump’s Executive Orders
In a surprising move, President Donald Trump signed executive orders aimed at creating what some are calling a “Digital Fort Knox.” This initiative directs the administration to manage seized assets from criminal and civil proceedings. The announcement, however, did not sit well with investors, who had anticipated that the U.S. government would inject new capital into Bitcoin. The CoinSwitch Market Desk noted that the market’s reaction was somewhat negative, as expectations were not met. This uncertainty has contributed to the ongoing volatility in the cryptocurrency landscape.
Ether and Altcoins Follow Bitcoin’s Downward Trend
Ether, the second-largest cryptocurrency, also faced pressure, continuing its losing streak throughout the week. On Friday, Ether’s price fell by six percent, trading at $2,168 (around Rs. 1.90 lakh) on international exchanges. Indian platforms reported a similar decline, with Ether priced at $2,295 (approximately Rs. 2 lakh), reflecting a 5.75 percent drop. The overall market sentiment remains cautious, with many altcoins, including Binance Coin, Solana, and Cardano, also reporting losses. The crypto price tracker by Gadgets 360 indicated that the majority of altcoins experienced declines on Friday.
Investor Sentiment and Market Outlook
Despite the current downturn, some investors remain optimistic, particularly with the upcoming Crypto Summit. Edul Patel, CEO and cofounder of Mudrex, emphasized the need for vigilance as market volatility is expected to persist while investors digest the implications of recent developments. The overall cryptocurrency market capitalization has fallen by 4.10 percent in the last 24 hours, now standing at $2.88 trillion (approximately Rs. 2,51,05,737 crore). While many altcoins are struggling, a few, such as Tether and Iota, have managed to show profits on Friday. Looking ahead, the CoinDCX Research Team noted that while bearish trends continue to dominate Bitcoin and several altcoins, the establishment of a strategic reserve by the U.S. government could pave the way for a potential rebound in Bitcoin prices, possibly leading to new highs in the future.
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